define per capita income. how it is calculated. what is the main. criterion......
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Per capita income is the approximate estimate of how much each person in a country contributes the GDP in a year.
It is calculated by dividing the GDP of a country by its total population.
The World bank uses per capita income to classify different countries.
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Per capita income, also known as income per person, is the mean income of the people in an economic unit such as a country or city.
It is calculated by taking a measure of all sources of income in the aggregate (such as GDP or Gross national income) and dividing it by the total population.
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